Reports suggest Grupo Codere is weighing up the divestment of its three core business arms as it continues exploring sale options.
According to Spanish outlet Expansión, the company’s wide range of investors are looking into separately selling the Codere European, Latin American and US-listed online divisions separately.
It comes after there has been a lack of potential buyers since the firm was put up for sale in March for €2bn, when Codere hired financial advisors Jefferies and Macquarie in anticipation of a speedy sale.
The process has not been swift, however, and the 56 investment funds with a vested interest in the Spain-based operator seem to be getting impatient.
Added pressure on Codere
A mega-merger between Lottomatica and CIRSA, valued at approximately €2.8bn (£2.3bn), is gathering pace with shareholders set to vote on final merger terms at the end of this month.
That adds further pressure to Codere as a business which is one of the biggest operators in CIRSA’s home market of Spain and has a presence in Italy, where Lottomatica is a major player.
Its improvement in its latest financial results make Codere a more appealing prospect for acquisition – group gaming revenue rose 5.8% year-on-year to €352.5m in the second quarter of 2026, while adjusted EBITDA went up by 14.1% to €57.6m.
Codere has also reduced its corporate debt significantly in recent years. The business underwent a recapitalisation agreement in 2024 and subsequently slimmed that figure from €1.4bn to €190m.
Potential is also being realised in its Nasdaq-listed Codere Online division, which floated in early 2021. That business arm experienced its best-ever quarter last time out as net gaming revenue soared by 27% YoY to €69.4m.
Its performance on the Nasdaq will not have gone unnoticed by interested parties either, with shares rising nearly 40% in the last 12 months to $8.52.
But increased competition in its main European markets and potential stricter measures in its key Latin American markets such as Mexico and Argentina may well put off any potential buyers.
The separation of its three divisions offers those buyers the opportunity to lower those risks, but any transaction for any of the wider Codere business is yet to arrive anywhere near as quickly as shareholders would’ve liked.
